Speaking at the Collison tech conference in Toronto Tuesday, Manos Xenos, an associate partner at EY-Parthenon, said that his group takes a contrarian view whereby current economic circumstances are not a downturn, “at least not yet.” For this criteria to be met, Xenos said you need to have “quite a deep recession,” diffusion across multiple sectors as well as duration.
On the supply side of the economy, Xenos said shortages persist due to an “overhang” from COVID-19 that is still driving demand. Meanwhile, the economy is experiencing tightening credit conditions, which is resulting in lengthier due diligence processes, according to Xenos.
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